Your Ultimate Guide to Family Wealth Management

The family wealth management industry is estimated to be valued at $500 billion dollars worldwide. This article explores the many benefits that Hong Kong’s family wealth management services offer to people of all backgrounds. When asked about their financial plans for the future, many people will say they want to start a family and spend their time raising children. 

Family Wealth Management

Others might say they want to get married and start a family. Others still may be happy with just staying single and focusing on other aspects of their life. Whatever the case may be, everyone should take some time to think about how their assets and investments would be used in a scenario where they were not able to continue working due to illness or death.

What is Family Wealth Management?

Family wealth management is the process of managing the wealth of an extended family. It typically consists of building, maintaining, and distributing their assets amongst lines of descent. An example would be if there are two brothers who each have children. The father would need to decide how to split his estate amongst both children after he passes away. 

Family wealth management can be defined as planning, managing, and investing an individual’s or family’s assets with the intent to preserve, grow and distribute for future generations. There are many types of family wealth management, including estate planning, asset allocation, family trust fund management, and asset location.

The benefits of having a financial professional

When you’re starting out, it can be daunting to set up your own personal finances. With the help of a financial professional, it becomes much easier. When they manage your money, they are able to put the savings in the best funds with high-interest rates and low fees. They can also find your cashback or reward credit cards if you’re looking for ways to save more money.

How are family wealth management services in hong kong different from other areas?

Family wealth management services in Hong Kong are quite different from other places. For example, while some of the top family wealth management services in North America and Europe offer an on-site financial advisor, only a small handful provide this service in Hong Kong. Hong Kong is an international financial hub that features some of the best wealth management services in the world.

As a result, many families are considering Hong Kong as a destination for their family wealth management needs. However, there are some key differences between Hong Kong and other areas of the globe. For example, you might find that hong kong investment funds charge higher fee rates than similar funds abroad. Furthermore, you might also notice that the amount of time it takes to conclude your deal with a hong kong professional can be longer than if you were to entrust your money to another financial adviser.

Who are the people within your family that should be involved in family wealth management?

Family wealth management is an important part of planning for the future. That’s why it’s important that you understand who within your family should be included in this process. These people are typically your children, grandchildren, nieces, nephews, parents, siblings, grandparents, aunts and uncles, or any other relatives who might have an interest in managing their family’s finances.

How do I start my family meeting when discussing finance?

One of the most difficult elements to include in your family meeting is when discussing money. It’s important to start small, by discussing how you handle your finances to ensure that everyone understands what they need to keep track of. It’s also important to establish ground rules that will help everyone feel comfortable during this process so that it doesn’t create unnecessary tension.

When does it make sense to hire a professional vs. doing it all myself?

There are many reasons to hire a financial advisor or planner, especially if you want to make sure your money is working for you. For example, if you are looking to retire in the next decade but don’t know where your money will come from, the professional might be the best option. If you’re not comfortable with the market, then hiring a financial advisor can help you plan your investments. You can also use a professional to help review your portfolio at regular intervals to make sure everything is still on track.


The financial services industry has changed over the years. There was a time when the only financial services that people needed were bank accounts, savings accounts, and insurance. The past few decades have seen an explosion of new options in which you can manage your personal finances online. Technology has also made it easier to share information with family members without necessarily having to meet or talk on the phone.

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